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Current as of January 01, 2025 | Updated by Findlaw Staff
(1) By January 1, 2022, the department will establish by rule an effective means of:
(a) Identifying inactive accounts of nonvested members of the retirement systems listed in RCW 41.50.030 whose account balance is less than one thousand dollars; and
(b) Providing for the orderly closing and refunding of member account balances in those accounts in accordance with the federal internal revenue code.
(2) The refund of a member’s account balance will terminate all rights to future benefits, unless otherwise restored under the rules for each of the respective retirement systems.
Cite this article: FindLaw.com - Washington Revised Code Title 41. Public Employment, Civil Service, and Pensions § 41.50.180. Inactive accounts--Identification, closing, and refund - last updated January 01, 2025 | https://codes.findlaw.com/wa/title-41-public-employment-civil-service-and-pensions/wa-rev-code-41-50-180/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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